Advertisement
Advertisement

GBP/USD Fundamental Analysis December 7, 2012, Forecast

By:
Barry Norman
Updated: Aug 21, 2015, 00:00 UTC

Analysis and Recommendations: The GBP/USD is trading at 1.6110 gaining momentum after the Bank of England held its key lending rates and monetary policy.

GBP/USD Fundamental Analysis December 7, 2012, Forecast

GBP/USD Fundamental Analysis December 7, 2012, Forecast
GBP/USD Fundamental Analysis December 7, 2012, Forecast
Analysis and Recommendations:

The GBP/USD is trading at 1.6110 gaining momentum after the Bank of England held its key lending rates and monetary policy. Yesterday, Chancellor Osborne presented his Autumn statement which was quite negative and left the markets stressed which was followed by the National Statistical Agency downgrading growth for next year. Also rating agencies are now reviewing the AAA rating for the UK which has been on a negative outlook for a while.

Now market participants will have to wait until December 19th for the BoE minutes in order to see if there was an increase in the number of votes calling for accommodation (November had one).  In the UK if there are no changes to rates or policies the bank is exempt from issuing a statement. The final GBP risk event for this week will be tomorrow’s industrial production data, with expectations for an improvement following last month’s weak print

FxEmpire provides in-depth analysis for each currency and commodity we review. Fundamental analysis is provided in three components. We provide a detailed monthly analysis and forecast at the beginning of each month. Then we provide more up to the data analysis and information in our weekly reports.

Economic Data December 6, 2012 actual v. forecast

Date

 

Currency

 

 

Event

Actual

 

Forecast

 

Previous

 

 

Dec. 06

 

AUD

 

 

Employment Change 

13.9K

 

0.2K 

 

10.1K 

   

 

 

AUD

 

 

Unemployment Rate 

5.2%

 

5.5% 

 

5.4% 

 

 

 

 

CHF

 

 

Unemployment Rate 

3.0%

 

3.0% 

 

3.0% 

 

 

 

 

GBP

 

 

Halifax House Price Index (MoM) 

1.0%

 

0.2% 

 

-0.1% 

   

 

 

CHF

 

 

CPI (MoM) 

-0.3%

 

0.0% 

 

0.1% 

 

 

 

 

GBP

 

 

Trade Balance 

-9.5B

 

-8.8B 

 

-8.4B 

   

 

 

EUR

 

 

GDP (QoQ) 

-0.1%

 

-0.1% 

 

-0.1% 

 

 

 

 

EUR

 

 

German Factory Orders (MoM) 

3.9%

 

0.9% 

 

-2.4% 

   

 

 

GBP

 

 

Interest Rate Decision 

0.50%

 

0.50% 

 

0.50% 

 

 

 

 

GBP

 

 

BOE QE Total 

375B

 

375B 

 

375B 

 

 

 

 

EUR

 

 

Interest Rate Decision 

0.75%

 

0.75% 

 

0.75% 

 

 

 

 

CAD

 

 

Building Permits (MoM) 

15.0%

 

3.0% 

 

-12.7% 

   

 

 

USD

 

 

Initial Jobless Claims 

370K

 

380K 

 

395K 

   

 

 

EUR

 

 

ECB Press Conference 

 

 

 

 

 

 

 

 

 

USD

 

 

Continuing Jobless Claims 

3205K

 

3275K 

 

3305K 

   

 

Upcoming Economic Events that affect the CHF, EUR, GBP and USD

Date

Time

Currency

Event

Forecast

Previous

Dec. 07 

09:30

GBP

Industrial Production (MoM) 

0.7%

-1.7%

 

09:30

GBP

Manufacturing Production (MoM) 

-0.2%

0.1%

 

09:30

GBP

Industrial Production (YoY) 

-0.6%

-2.6%

 

11:00

EUR

German Industrial Production (MoM)

-0.5%

-1.8%

 

13:30

USD

Average Hourly Earnings (MoM) 

0.2%

0.0%

 

13:30

USD

Nonfarm Payrolls 

90K

171K

 

13:30

USD

Average Weekly Hours

34.4

34.4

 

13:30

USD

Private Nonfarm Payrolls 

90K

184K

 

14:55

USD

Michigan Consumer Sentiment 

82.1

82.7

 

15:00

GBP

NIESR GDP Estimate 

 

0.5%

Government Bond Auction

Date Time Country 

Dec 07 16:30 Italy  

Dec 10 10:10 Norway 

Dec 10 10:10 Slovakia 

Dec 10 15:30 UK 

Dec 10 16:30 Italy  

Dec 11 09:30 Spain 

Dec 11 10:10 Greece 

Dec 11 10:15 Austria 

Dec 11 10:30 Belgium 

Dec 11 10:30 UK          

Dec 11 18:00 US 

Dec 12 10:10 Italy  

Dec 12 10:10 Sweden 

Dec 12 10:30 Swiss 

Dec 12 16:30 US 

Dec 13 01:30 Japan 

Dec 13 09:30 Spain 

Dec 13 10:10 Italy  

Dec 13 10:30 UK 

Dec 13 16:00 US 

Dec 13 18:00 US 

Dec 14 11:00 Belgium 

Dec 14 15:30 UK 

About the Author

Did you find this article useful?

Advertisement